Oil Not Going Away Soon – Nigerian Government

Launches book on Nigeria's golden anniversary OPEC membership

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Minister of State Petroleum Resources Mr Timipre Sylva, on Monday, reiterated that crude oil was not going away soon as it will continue to be an important component of the energy mix into the foreseeable future.

He stated this in Abuja at a media briefing to commemorate Nigeria’s golden anniversary of Organisation of the Petroleum Exporting Countries (OPEC) membership.

He also used the occasion to launch a book, ‘Nigeria and OPEC; 50 Years of Partnership, 1971-2021’.

According to him, oil will continue to be needed to power global economic growth in order to eradicate poverty which is still prevalent worldwide.

He noted that OPEC’s role of stabilising the oil market for the benefit of all stakeholders will therefore continue to be required in the years ahead.

‘Nigeria as a key player in the industry will continue to lend full support to the efforts of the Organisation to balance the oil market for the benefit of all.

‘Nigeria’s membership of OPEC is very important, as it helps in strengthening shared values and protecting the group interest in the light of the above narratives,’ he said.

‘As a part of this celebration, It’s my great pleasure to launch the book “Nigeria and OPEC: 50 years of partnership, 1971-2021”, which is an updated version of the one published in 2006 to mark the 35th anniversary. It is a way to document and honour our past so that future generations can be adequately informed and inspired.

‘The book gives a great insight into our people, culture, The relationship between Nigeria and OPEC, without doubt, has been of mutual benefits to both parties.

‘Exactly 50 years ago on the 12th day of July 1971, at the 24th meeting of the OPEC Conference held in Vienna, Austria, Nigeria was admitted into the Organisation as its 11th member

‘This makes today, the 12th day of July 2021, the Golden Anniversary of a successful partnership between Nigeria and OPEC,’ he explained.

Sylva added that the decision by Nigeria to become a member of OPEC has enhanced the development of the oil industry in the country, as it enabled the country to influence the growth and contribute to the survival of the industry globally.

‘It placed the country among the comity of nations, engaged in the noble duty of stabilising the oil market for the benefit of all producers, consumers and investors alike.

‘The relationship between Nigeria and OPEC, without doubt, has been of mutual benefits to both parties. On the other hand, Nigeria has also contributed enormously to the survival of OPEC through turbulent times, by lending full support to the efforts of the Organisation to balance and stabilise the oil market.

‘Nigeria has played a major role in driving the Organisation’s focus on cooperation. Over the past 50 years, Nigeria has produced six Presidents of the OPEC Conference. President Muhammadu Buhari, also served as head of Nigeria’s Special Envoy to some African participating countries earlier this year in order to bolster commitment to the agreements.

‘It is now widely acknowledged that had OPEC not existed over the past 60 years, the global oil market would have been in a perpetual chaotic situation where the winner takes all. Many countries, like Nigeria, would not have been struggling to develop the oil industry due to stiff competition.

‘However, the collaboration between OPEC member countries has made it possible to accommodate all players in the oil production industry. This has promoted the development of Nigeria’s oil industry and underlines the importance of Nigeria’s OPEC membership,’ he added.

– The Sun

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